Ladbrokes poker revenues fall 15.7%

Poker revenues continued to slide at listed gaming firm Ladbrokes with a 15.7% drop to £10.7 million in the first half of 2010 and a massive 30% fall in active player numbers.

Ladbrokes egaming division saw total net revnues rise 1.2% to £85.6 million with solid growth in sportsbook and bingo customers, with a small fall in casino revenues.

But poker continued to be an area of weakness for the firm which was once the number one European poker site, with the corresponding figures for 2008 and 2007 of £14.7 million and £15.7 million respectively.

Ladbrokes said in a statement it was finding the European poker market 'challenging' and added there was some 'softening' of player numbers during the World Cup.

There was one bright sign with player yields up 20% partially as a result of an increased focus on VIP customers.

Ladbrokes CEO Richard Glynn said he wanted egaming to be an area of excellence for the firm with a greater focus on CRM and best of breed products across the division.

'A strategic] review identified a number of key areas where we have the opportunity to improve our performance. These include a focus on the customer, improving the “e” performance,the brand effectiveness and enhancing the technology backbone of the Group,' Glynn said.

The current managing director of egaming, John O'Reilly, is leaving the firm to pursue other projects and Gary McIlraith has joined from Alix Partners as Managing Director of Digital Channels, International and Strategy.